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Local Shopping REIT Pramerica Real Estate Investors, the real estate investment and advisory business of Prudential Financial, have formed a $155.5 million joint venture to invest in UK retail real estate. Pramerica is kicking in 80% of the equity, with the JV structured to make each company a co-investor in the fund. Local Shopping REIT will source and manage the investments within the partnership, which is expected to last for five years.

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The Rancho Temecula Town Center in Temecula, Calif., has traded for $48 million. Honolulu-based A&B Properties acquired the 165,500-square-foot, 11-building shopping center, which is home to such tenants as Henry's Market, L.A. Fitness, Rite-Aid and BevMo. It is 97% occupied. A&B Properties financed it in part with proceeds from the sale of the Ontario Distribution Center.

The results are in for the Thanksgiving weekend, which many retailers and shopping center owners had looked forward to with a degree of nervousness. Shoppers answered the siren call of discounts, flocking to stores to take advantage of early openings and low prices on both gifts and items for themselves. "Overall it was a good start to the season," said ICSC Chief Economist Michael Niemira.

Saks has taken successful steps toward a rebound, including beefing up online sales, cutting costs and excess inventory, and increasing its investment in marketing. The company is reaping the rewards of its recession-era efforts, as high-end shoppers start spending again.

Cedar Shopping Centers has closed on mortgages for six retail centers in Maryland, Virgina, Pennsylvania and New Jersey that its acquired in October. It bought the assets through its joint venture with RioCan Investment Trust. The mortgages, which totaled $65.2 million, were provided by Bank of America and Goldman Sachs Commercial Mortgage.